Let's play 'Name that Bank!' to welcome Jackson's newest bankers from Akron, Ohio

The new FirstMerit bank branch at the corner of North and Wisner streets in Jackson.

JACKSON, MI – Get ready for fun, because it’s time to play Jackson’s fascinating game of local knowledge, “Name that Bank!”

As of this week, Jackson has a new bank in town called FirstMerit. It must be a frugal financial institution, because it does not waste money buying spaces between the “First” and the “Merit.”

FirstMerit seems new, but its corporate bowels contain remnants of a bank that once stood proudly as Jackson’s oldest business.

Name that bank!

This game is made possible by the swirl of takeovers, mergers and name changes for places that hold our money in checking accounts.

Banks were once the face of stability in cities like Jackson, but those days ended without formal announcement.

Jackson has just one bank left that operated under the same name 25 years ago. Congratulations, Comerica.

Three banks, not counting savings and loan institutions and credit unions, had headquarters in Jackson 25 years ago. Today that number is zero.

Locally owned banks were once described as important, even vital, for any community. Let’s hope that line of thinking is obsolete, because local banks are almost extinct.

Many bank names vanished from Jackson during these hectic years. Remember Standard Federal, LaSalle, National City and all the rest?

Customers have no idea why our banks spend so much time swallowing each other up, but we get the impression there must be profit for someone. Not for us, but someone.

Here’s what happened to the three local banks Jackson had 25 years ago.

Security Savings Bank was acquired by the Troy-based Flagstar Bank in 1996. Flagstar remains a comparatively stable banking presence in Jackson, completing 17 years without another ownership change.

City Bank and Trust, founded in 1848, was Jackson’s oldest business until it was purchased by Citizens Bank of Flint in 1997. Citizens Bank is now purchased by FirstMerit of Akron, Ohio.

Which brings us back to "Name that Bank!"

FirstMerit is City Bank, or at least it contains what remains of City Bank.

Wait, there’s more:

Premier Bank was Jackson’s third locally based bank 25 years ago. Premier was acquired by Republic Bank of Ann Arbor in 1993, which was acquired by Citizens Bank in 2007, and Citizens is now FirstMerit.

FirstMerit is thus successor to both City Bank and Premier.

No one in 1988 would have thought it possible that a board of directors 200 miles away in Akron might wish to buy a Jackson bank. Now they own what's left of two.

Thanks for playing “Name that Bank!” Stayed tuned, because this game never stops.